'Now the good news is not all bear markets occur in recessions,' a strategist said.
entered bear markets, ending their historic 11-year bull runs. A bear market marks a 20% decline from all-time highs. As a forward-looking mechanism, the stock market usually sends warnings about the economy before shrinking growth shows up in the data.
"Now the good news is not all bear markets occur in recessions; in fact, when the economy has avoided recession, stocks have bottomed right around down 20% over the past several bear markets," said Ryan Detrick, LPL Financial's senior market strategist. Fears of a recession have risen significantly on Wall Street as the coronavirus outbreak worsened drastically in the U.S. President Donald Trump said the U.S. will suspend all travel from Europe for 30 days and declared a national emergency on Friday. Major events have been called off for precaution, including the National Basketball Association, which hasThe S&P 500 plummeted 9.
"COVID-19 is expected to roll through the global economy over February, March, and April, generating GDP contractions in most countries for at least one of the two quarters it straddles," Bruce Kasman, J.P. Morgan's chief economist, said in a note. "If our current forecast is realized it seems appropriate to characterize it as a novel-global recession."
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